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Definition
| The price paid for the use or services of labor per unit of time (per hour, per day, and so on). |
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Definition
| The amount of money received by a worker per unit of time (hour, day, etc.); money wage. |
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| The amount of goods and services a worker can purchase with his or her nominal wage; the purchasing power of the nomial wage. |
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Term
| Purely Competitive Labor Market |
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Definition
| A resource market in which many firms compete with one another in hiring a specific kind of labor, numerous equally qualified workers supply that labor, and no one controls the market wage rate. |
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Definition
| A market structure in which there is only a single buyer of a good, service, or resource. |
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| The practice of a labor union of restricting the supply of skilled union labor to increase the wages received by union members; the policies typically employed by a craft union. |
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| The laws of state or local governments that require that a worker satisfy ceretain specified requirements and obtain a license from a licensing board before engaging in a particular occupation. |
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Definition
| The practice of a labor union of including as members all workers employed in an industry. |
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Definition
| A market in which there is a single seller (monopoly) and a single buyer (monopsony). |
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Definition
| The lowest wage that employers may legally pay for an hour of work. |
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Definition
| The difference between the wage received by one worker or group of workers and that received by another worker or group of workers. |
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Term
| Marginal Revenue Productivity |
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Definition
| Higher productivity yeilds higher wages. ??? |
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Definition
| Collections of workers in the economy who do not compete with each other for employment because the skill and training of the workers in one group are substantially different from those of the workers in other groups. |
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Definition
| The knowledge and skills that make a person productive. |
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Term
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Definition
| Differences in the wages received by workers in different jobs to compensate for nonmonetary differences in the jobs. |
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Term
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Definition
| A compensation structure that ties worker pay directly to performance. Such plans include piece rates, bonuses, stock options, commissions, and profit sharing. |
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